When choosing trading robots, many novice traders are guided by the poll results of specialized resources, but the experienced user has a natural question: whether the best Forex expert advisors are on the top of the ratings, or such information is not objective. Today we’ll try to answer this question by conducting a little research of online portals.

First of all, we should remind you that any poll is not just the free expression of personal opinion of the respondent. As a rule, the primary purpose of the polls is marketing research. Even if public opinion has been studied by an independent agency, the findings are always used by third-party entities for commercial purposes. Therefore, most often, the top of the rating is what the user wants to see, buy and test, as well as what the seller will actively promote.

On the other hand, if you go back to the specifics of automated trading, then logic dictates the following: the really super-profitable, and – most importantly – stable algorithm is unlikely to show off on the front pages of most websites, otherwise everything would have already been millionaires. Thus, there is a theoretical contradiction, which can be resolved if we turn to practical results that we will surely comment on.

As is well known, various specialized forums provide quite a representative sample of the relevant social group, and the more active users on the forum, the higher the quality of the sample. Therefore, in order not to complicate the process, the “forum” polls were studied at the beginning, where users chose the best Forex expert advisors based on their own considerations.

Unfortunately (or perhaps fortunately), the results came in as expected. To avoid repetition in the future, the format of the report will be as follows: the place in the rating, the name of the robot, short description. We should also note that you can get more information about some of the following experts in our section “Trading Advisors”. Let's get started.

Best Forex expert advisors in the forum opinion: the top 5

Number one: Ilan 1.6 Dynamic. Much goes without saying: the expert is based on Martingale, which allows to increase the deposit by double-digit value in the flat areas within a week. Due to this fact, the result of the survey was distorted by the inspired newcomers, who left their votes after a brief successful test.

In fact, professionals are skeptical about Ilan 1.6 Dynamic. Moreover, it was also number one in the rating of the worst expert advisers. In fairness, we should note that there are live monitoring accounts with the Dynamic, but even with conservative settings, most of them at least once were on the verge of complete siphon off.

Number two: Auto Profit, the instruction for which has been previously reviewed on our website. Actually, the robot has a right to be listed as one of the best Forex expert advisors, because it can bring a good profit at the proper approach. To prove this statement, below you can see the test result on the standard settings for the EUR/USD pair daily chart:

Number three: 2Sides_Stoch. This expert is quite controversial. On the one hand, the old proven stochastic oscillator is used for generation, which is certainly an advantage, but on the other hand, this expert also uses Martingale principle. Therefore, you have to teeter on the edge when setting up the expert, and if the volatility allows, the multilot is better to turn off, leaving only a conservative average.

Within the testing period, from 01.01.2013 to 09.09.2014, we failed to bring drawdowns down to at least 10%, with the average drawdown coming at about 30%, but even when trading on a five minute chart, the 2Sides_Stoch never siphoned off the deposit on the author’s settings, so it does have the right to be in the top 5.

Number four: Gepard. In fact, it is quite surprising, because this expert deserves a better assessment, thanks to a combination of a few robots and the ability to trade on different strategies for many instruments (including shares CFD). Again, you can learn more in the “Trading advisors” section.

Probably, such distribution of votes was influenced by the fact that the most profitable and stable version of Gepard v.5 was provided only after you purchase the license, which means that the users assessed both old and free versions. The dynamics of the funds on the account, where Gepard was trading, is shown below:

The last line is taken by the Turbo Profit, which confirms an interesting observation: the more complex the algorithm, the less popular. In short words: the system is based on a module that analyzes the levels of supply and demand, the pending orders are not used in the latest version, and the deals are made by the robot considering the current situation. What can we say? All the signs of a neural network are present, so even with a small yield, Turbo Profit deserves high rating.

What else should be considered when studying the best Forex expert advisors

As noted above, we have been presented the five best experts on the basis of the findings of the poll on independent forums. Before writing this article, we had an idea to also study the specialized online stores, but after a few examples it became clear that the idea is hopeless, because the sellers seek to increase sales at the expense of fairness, and all estimates are clearly stranded.

Moreover, even some paid and supposedly “best Forex expert advisors” are just equal to a brick in a beautiful package, when the old and proven to be non-functional “Ilan” is sold under a new name with a few cosmetic modifications. An important conclusion can be made from this situation: opinion on forums and communities, even distorted by the novice votes, is much more representative that the ranking of any site that specializes in the sale of robots.

Of course, there are exceptions to any rule, but I wouldn’t like to advertise or to anti-advertise specific portals, especially since each user, even a novice, is able to compare reviews on an independent forum and a store, and then choose the advisor which has received a consensus opinion throughout the community.

As a conclusion, we would like to note that no particular examples were reviewed today that deserve attention in our sole discretion. This is, first of all, due to the fact that it is hard to describe all worthy robots briefly and succinctly at the same time (with the settings and tests). Secondly, you can find exhaustive comments, tests and notes for many algorithms in the section “Trading advisors”, which is regularly updated.